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Travel tech platform OYO achieved a profit after tax of Rs 158 crore in the second quarter of the current fiscal ended September
Oravel Stays, the parent company of OYO, had posted a loss of Rs 50 crore in the same period of the previous year. (Representative image)
Travel tech platform OYO achieved a profit after tax of Rs 158 crore in the second quarter of the current fiscal ended September, Founder Ritesh Agarwal told employees in a townhall on Thursday, sources said.
Oravel Stays Ltd, the parent company of OYO, had posted a loss of Rs 50 crore in the same period of the previous year.
During the first quarter, OYO’s profit after tax stood at Rs 132 crore.
This brings the company’s H1 FY25 net profit to Rs 290 crore (USD 35 million), marking a turnaround from the Rs 91 crore net loss reported in the same period of the previous fiscal, the sources said.
In Q2 FY25, OYO’s revenue surged to Rs 1,578 crore, from Rs 1,413 crore in Q1.
OYO recently announced its acquisition of G6 Hospitality, a US-based economy lodging franchisor and parent company of the iconic Motel 6 and Studio 6 brands, from Blackstone.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)